By William Stolerman
A survey by the global consultancy firm KPMG reveals that the Chinese thirst for luxury shows little sign of abating.
In contrast to the global financial downturn, the report discovered that 62% of Chinese citizens maintained their spending on expensive goods in 2009 and 2010.
"Despite a tougher economic climate, respondents demonstrated their brand loyalty, as they chose to stick with existing brands rather than downgrading to less prestigious options," said KPMG.
Home to the world's second-highest number of dollar billionaires after the United States, China has seized on foreign luxury brands as status symbols. But intriguingly, the report also found that as opposed to 2008, more people claim they buy luxury goods simply to pamper themselves and for self-reward as well as to generate a certain image.